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Pension coalition worth $1.5trn urges OECD to avoid two-tier tax system

first_imgParticularly, respondents to the OECD’s consultation questioned wording that pension funds should be treated “as a separate person” under taxation laws.The Association of Global Custodians stressed that the ‘separate person’ rule would see a number of pension providers – such as UK contract-based arrangements offered by insurance companies, or German contractual trust arrangements, used by companies to pre-fund book reserve pension obligations – no longer qualify as pension funds, leading to an “inappropriate” outcome.It added: “The approaches used by different states to accord ‘pension fund’ status to vehicles established in those states differ enough that a blanket requirement that an arrangement constitute a ‘separate person’ for tax purposes will likely inappropriately exclude certain pension fund arrangements.”The coalition of 15 pension funds shared the concerns, noting the inclusion of ‘separate’ would introduce a new concept into tax law that would be difficult for some pension funds to disprove in certain OECD member states.The coalition further urged the OECD not to define pension funds as entities “operated exclusively to administer or provide retirement or similar benefits”, warning that some providers may provide services “complementary or related” to providing retirement benefits.“Such activities often serve a social and public purpose, but not all OECD member states may capture these activities under the phrases ‘providing retirement benefits’ or ‘similar benefits’,” the coalition’s response said.ATP, Denmark’s statutory pension fund, also took issue with the inclusion of “exclusively”, noting that it had in the past been asked by the Danish government to manage other benefits, such as survivor benefits. It added: “To be certain that the word ‘exclusively’ is not interpreted in too narrow a way and thereby exclude persons or entities with other or multiple pension and savings activities from the definition of a recognised pension fund, we suggest rephrasing the wording to ‘exclusively or almost exclusively’ in the necessary places in the articles or in the commentaries of the OECD Model Tax Convention.”The coalition endorsed the proposed use of “exclusively or almost exclusively”, noting the use of the phrase within Dutch law.It noted that a Dutch exemption from corporation tax was only extended to pension funds that “exclusively or almost exclusively provide benefits for […] disability or old age, based on a pension scheme”.*The global pension fund coalition includes Alberta Investment Management, Arbeitsgemeinschaft kommunale und kirchliche Altersversorgung, APG, British Columbia Investment Management, Caisse de dépôt et placement du Québec, the Canada Pension Plan Investment Board, the New Zealand Superannuation Fund, OMERS, OPTrust, the Ontario Teachers’ Pension Plan, PensionDanmark, PGGM, the PSP Investment Board, QIC and the Universities Superannuation Scheme Pension investors worth $1.5trn (€1.4trn) have called on the OECD to ensure a new tax framework does not result in a two-tier tax system for those managing retirement income.Pension and sovereign investors – including APG, PensionDanmark, PGGM, the Universities Superannuation Scheme and the Canada Pension Plan Investment Board – asked the OECD to proceed with caution when drafting its proposed model tax convention, drawn up by the think tank as part of its work with G20 nations around base erosion profit shifting.The new convention aims to remove inconsistencies hampering pension funds’ ability to establish their country of residence due to the numerous bilateral tax agreements struck between nations, allowing investors to more easily reclaim tax.The global pension fund coalition, comprising 15 pension managers and sovereign investors*, said it was important the convention’s definition of pension funds capture the “diverse range” of pension providers.last_img read more

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Casemiro’s house burgled

first_imgRelatedPosts Suarez agrees Atletico terms Bale completes Tottenham return from Real Madrid Tottenham sign £25m Sergio Reguilon Casemiro allegedly had his house robbed while the Real Madrid star was playing against Atletico Madrid.According to El Chiringuito TV, his wife and daughter were still inside when the alleged break-in occurred.The Brazil international is the latest high-profile player to have his house robbed while playing.Alvaro Morata, Zinedine Zidane, Lucas Vazquez and Isco have seen their houses broken into in recent times.Real Madrid stayed top of La Liga after a 0-0 draw with derby rivals Atletico Madrid on Saturday.The lacklustre encounter at Atletico’s Wanda Metropolitano Stadium benefited two-time champion Barcelona, who won 2-0 at Getafe to move within two points of the leader.Los Blancos stayed one point ahead of Atletico and promoted Granada, which defeated Leganes 1-0 for its fourth win in seven matches.There were few chances in the Madrid derby. Atletico’s best opportunity came less than 10 minutes into the match when teenage forward Joao Felix went close following a counterattack.Goalkeeper Jan Oblak came to the rescue for the home side with a reflex save denying Karim Benzema’s 75th-minute header.The result extended Atletico’s four-year winless streak at home against Real in the league.It was the first match between the rivals since Atletico stunned Real 7-3 in a friendly in the United States in July.Tags: Atletico MadridCasemiroReal Madridlast_img read more

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Osun stops salaries of athletes, contract coaches, players of state-owned clubs

first_imgRelatedPosts Protest in Osun over killing of youth by JTF Nigerian porn star, five others sent to prison Nigerian porn star arrested for shooting porn with Ifa worshippers’ bead The Osun State Government has stopped the wages and salaries of contract coaches and athletes, including staff and players, of the state-owned football clubs, Osun United and Osun Babes.Tajudeen Amodu, the Media Officer of Osun United, said news of the salary suspension was conveyed in a letter signed by the Acting General Manager of the State Sports Council, Rotimi Dunmoye. Amodu said a copy of the letter was addressed to the Secretary of Osun United.The letter reads in part: “Payments to staffers on other salaries, including Osun United Football Club, are suspended forthwith as approved by the state governor, Gboyega Oyetola.”Amodu said further that the club management had received the letter from the Ministry of Youths and Sports through the State Sports Council, confirming the suspension of salaries.Amodu said the club’s President, Ademola Adesina, had since reacted by urging Governor Oyetola to consider that global best practices forbid abrupt stoppage of salaries of footballers under contractual agreements with clubs.He said: “Adesina also urged the governor to emulate other state governments which have continued to pay salaries of their state-owned teams since the suspension of sports activities due to the coronavirus pandemic.” He added that Adesina appealed to the state government to consider the multiplier effects the salary stoppage would have on the players and their salaries at this period.He said: “Apart from the fact that contracts of our players have not been officially terminated, if salaries are stopped during this period, the living standard of beneficiaries from this medium will nosedive because of the current situation of the country, which has been badly affected by COVID-19.“We therefore appeal to the state government to look into the matter and lift the suspension on the salaries of Osun United, Osun Babes, their management boards, as well as contract coaches and athletes in the state.”Meanwhile, the state government has restated its suspension and stoppage of all protocols on sports activities with immediate effect.Funmilayo Moradeyo, the Osun State Sports Council spokesperson, on Wednesday in Osogbo explained that the measure was to curb the spread of the COVID-19 pandemic in the state. Moradeyo said a letter signed by the state Commissioner for Youths, Sports and Special Needs, Yemi Lawal, had restated the directives.She said further that the letter indicated that the suspension would be “lifted or overturned when normalcy returns”.Tags: Osun StatePayment of SalariesState-owned Clubslast_img read more

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Sanchez keen to improve

first_img “I have been impressed by their attitude and their talent. “I love how they create spaces, their individual and collective movements. “I tell you seriously: I like what I see so much that I have repeated myself many times, that if we have the required winning mentality, if we are positive and try to win every single game, I know we can win any competition. “I know that with this team we can win many trophies in the coming years. I am convinced. “I hope to win everything here. That’s why I came.” Following defeat at Swansea, Arsenal find themselves in sixth place, four points behind Manchester City and already some 12 off Chelsea, who have yet to lose in their 11 league games. Like most of their rivals, the majority of the Gunners’ squad are expected to be in action during the international break, with Theo Walcott back in the England fold after his recovery from a long-term knee injury, one of six Arsenal players who could feature at Wembley against Slovenia on Saturday. France striker Olivier Giroud is on course to be closing in on an earlier than expected return from a broken bone in his foot. Wenger will be hoping centre-half Laurent Koscielny can be available again following treatment on his troublesome Achilles for the visit of Manchester United on November 22, having been forced to deploy Nacho Monreal at the heart of what has looked a very suspect makeshift defence in recent games. Alexis Sanchez believes he still has to improve despite an impressive start to his Barclays Premier League career – and insists Arsenal have the “quality stars” needed to challenge for the title. The form of the Chile forward, signed from Barcelona in the summer for £32million, has been the one positive in an otherwise inconsistent opening by Arsene Wenger’s side. Sanchez scored his 12th goal at Swansea on Sunday, when Arsenal again failed to hold onto a lead and were beaten 2-1, having thrown away a 3-0 advantage in the Champions League tie against Anderlecht. In a wide-ranging interview with AS Chile, the 25-year-old remains upbeat over the decision to leave Spain after the World Cup and that the Gunners can lift themselves back into contention after the international break. “Little by little I am gaining confidence in my team-mates and am gradually learning more,” he said on www.chile.as.com. “At first I had trouble understanding them, knowing where they ran, their movements, what gestures meant what, but every time I feel more confident. “I am starting to memorise the moves of my team-mates and I learn to help them – clearly I need to improve and that is what I say in the dressing room, that I could stay a little less with the ball, play one touch play more often to facilitate counter-attacks, that is vital. “I must learn that because the rapid transitions are key in this league and with this team.” While Sanchez concedes the English Premier League is “the most complicated football and not easy” in comparison with the competitions back home and after subsequent moves to Italy with Udinese and then onto Barcelona, the diminutive forward insists he “likes the challenge”. The Chile forward believes Arsenal have plenty of talent to come back to challenge leaders Chelsea and also progress in Europe. “Now that I am here, sometimes I stop to look my team-mates during the training session and I realise that I am surrounded by a lot of quality stars,” he added. Press Associationlast_img read more

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9,000 fans attend Russia’s open training session

first_imgMoscow, June 9: Some 9,000 fans attended an open training session of the Russian football team at the CSKA stadium on Saturday. The training session was held on Saturday morning at the 30,000-seat capacity CSKA stadium and football fans watching the practice were allowed to enter the stadium based on personal invitations, which were distributed mainly among children from youth sports schools. IANSlast_img

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Retiring Chattergoon gets plaudits for contributions to HACC

first_imgBy Frederick HalleyTORONTO, Canada — Former Guyana and West Indies Under-19 batsman Hemnarine Chattergoon, who led Hawaiian Arctic Cricket Club (HACC) to four of their six consecutive championship victories in the Premiere League of the Scarborough Cricket Association (SCA) tournaments, was fittingly honoured when the club held its annual presentation, dinner andAzib Alli Haniff poses with son Fayyaz after collecting the best batsman trophy.dance last Saturday night.Chattergoon, who announced his retirement at the end of last season, was the toast of the auspicious celebration, held at the Palace Multi-cultural Centre, Milvan Drive, North York, Toronto.Long-standing president of HACC Narchand ‘Archie’ Mohan paid glowing tributes to Chattergoon for his outstanding contributions over the years as a batsman and an astute leader and while acknowledging his decision to call it quits, reminded him that “the door is always open to him once he has a change of heart”.The stocky right-hander, who is fondly remembered for his marvellous century versus Pakistan in 1997 at the Kensington Oval, Barbados in the Under-19 series and was immediately touted as a future Test player, was rewarded with a plaque, compliments of Trophy Stall Guyana. It read: “For your outstanding dedication, commitment and contribution as a player and leader of Hawaiian Arctic Cricket Club”.Mohan also announced that Chattergoon and family will be granted an opportunity, at his opportune time, to visit Lethem and be accommodated at the 747 Bar & Lounge, through the generosity of his nephew Vishal Mohan, one of the club’s main sponsors.In an invited comment, Chattergoon described his joining of HACC in 2010 as a “political move” after he was specially invited to the club’s presentation. He was subsequently named captain two years later and has the unique distinction of leading the team to four Premiere League championships.HACC Chief Executive Officer Eon Gunraj hands over the best bowler trophy to Fee Khan who collected on behalf of Imran Khan. (Pictures by Frederick Halley)Reflecting on his decision to join HACC, Chattergoon disclosed that he had no regrets but insisted that he had played his last game when the 2016 inaugural Elite season ended, citing work commitments as his main reason.In the 2014 Premiere League semi-final, Chattergoon was at his imperious best, slamming a scintillating unbeaten 217 versus Bawa XI, leading from the front as HACC clobbered their opponents by 136 to reach the final, which they duly won.While Chattergoon went on to play for Canada, he still fancies the century at what is regarded as the mecca of cricket in the Caribbean as his most memorable moment in the sunshine game. “I thoroughly enjoyed playing cricket but scoring a hundred for the West Indies Under-19 team, especially when we were asked to follow-on, is still fresh in my memory,” he asserted.Another former national player, Azib Alli Haniff who rolled back the years with some brilliant innings last season, was also in the limelight, copping the trophy for the best batsman in 2016 while first-timer Imran Khan who hails from Wakenaam and was unavoidably absent, took the best bowler prize.The club also took the opportunity to recognise all of its players, supporters and sponsors for their varying contributions especially over the unprecedented winning streak which ended in 2016. Each was presented with a commemoration ‘punch’.Apart from the several sponsors who were in attendance, the occasion was also graced by the presence of former Guyana and West Indies player Sewnarine Chattergoon who was holidaying in Canada. Sewnarine, the brother of Hemnarine, represented the West Indies in four Test matches and 18 One-day Internationals.last_img read more

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Tucker aiming for improved performance

first_imgNew Kid on the block Raveiro Tucker is aiming for an improved performance come July 2 when the Guyana Motor Racing and Sports Club (GMR&SC) hosts its second National Race of Champions.Tucker, who joined the sport this year and made his maiden appearance at the Race of Champions Round 1, says that he is still in the learning phase but is improving every day.“Right now it’s the real deal. When I first started this year it was to get a feel of the bike and the track but after numerous sessions out there, I’ve managed to bring my times down into the competitive field,” He told Chronicle Sport.“I’m feeling pretty confident in my bike and myself, as I said earlier, I’ve done a lot of work at the track in learning it and trying to get faster and I really hope to come out with podiums on Sunday.”Riding the 123 Yamaha R6 sponsored by Ramps Logistics, Eldorado Offshore, The Track Bar, Palm Court and Power Mining, the youngster believes that his recent practices are the key to success.Raveiro Tucker collects sponsorship from Eldorado Offshore and Ramps Logistics“I know there are guys on the grid who have a lot of experience, not only here but in the Caribbean but I think I’ve got what it takes to pull off a few upsets come race day. Don’t count me out.”He is calling on fans to come out and support not only him, but the event which begins at 08:30 on Sunday.The event is sponsored by Ansa McAl, Prem’s Electrical, B.M. Soat, Mohamed’s Enterprise, Ready Mix, Special Auto, Japarts, Ticket Master, Palm Court, KGM, MAC Batteries, S. Jagmohan Hardware Supplies and Construction, L Mahabir and Sons Cambio and Choke Gas Station.last_img read more

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Syracuse football recruiting: Class of 2018 RB Akeem Dixon commits to SU

first_imgClass of 2018 running back Akeem Dixon has committed to Syracuse, per multiple reports.The 6-foot, 210-pounder hails from Vero Beach, Florida, about 150 miles north of Miami. Dixon had interest from Bowling Green, Dino Babers former school, and national power Louisville, among others. He holds offers from both.Dixon’s commitment comes only five days after tallying 155 yards and two touchdowns in Vero Beach (Florida) High School’s spring game, per 247sports.com. SU secondary coach Nick Monroe visited Dixon the same day, May 12, per 247sports. Check out his Hudl tape here.The three-star talent racked up 877 yards — good for nine yards a carry — and found the end zone nine times while playing for Vero Beach (Florida) High School in 2016.Dixon is the seventh commit in the 2018 class, Babers second full class at SU, and the first running back of the group. Track the rest of the 2018 class here.AdvertisementThis is placeholder text Comments Published on May 17, 2017 at 11:22 am Contact Andrew: aegraham@syr.edu | @A_E_Graham Facebook Twitter Google+last_img read more

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UnikoinGold becomes the largest-ever gaming and esports token

first_imgFollowing what the company has labelled “an unprecedented success” of crowdsale, UnikoinGold, the crpyto launched by esports dedicated bookmaker Unikrn has become the largest in esports and gaming.According to the release, sales have now exceeded $28,000,000 (£21,400,000) and the company, and CEO, Rahul Sood, has now provided an update.He said: “Our vision for UnikoinGold is to make it the universal esports and gaming token by continuing to add both wagering and non-wagering features to the Unikrn platform that our community has requested. We see a future where UnikoinGold is in the hands of millions gamers and esports fans, ushering in incredible opportunities to use UnikoinGold inside and outside of Unikrn’s own properties”. The statement clearly implies that Unikrn are looking for ways that people will be able to use UnikoinGold outside of the company’s betting platform. The statement adds that partners will be able to utilise UnikoinGold for skins, software, hardware and peripherals, tournament platforms and interestingly “esports teams and developers” on top of the company’s betting products. The sale has been public since September 23rd, and will remain so until October 22nd. Credit: UnikrnThe company has ambitious plan s to become the “universal decentralised token of esports”. Currently, the crypto can be purchased with either Ether or skins, using a Steam account but once the sale has ended, tokens will not be purchasable from Unikrn anymore but will be obtainable in other ways. Esports Insider says: Congratulations to Rahul Sood & co for raising such a phenomenal amount of money. With backers like Mark Cuban & co, it was arguably never in doubt but $28,000,000 is alot of money and there’s still a lot of time left. We’re excited to see the other applications of the UnikoinGold as it continues to grow.last_img read more

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